Reserve Petroleum Co. Announces 2024 Annual Meeting of Stockholders

TL;DR

<b>Reserve Petroleum Company invites stockholders to its 2024 Annual Meeting on May 21, 2024, to vote on director elections and other business.</b>

AI Summary

RESERVE PETROLEUM CO (RSRV) filed a Proxy Statement (DEF 14A) with the SEC on April 18, 2024. The Reserve Petroleum Company will hold its 2024 Annual Meeting of Stockholders on May 21, 2024, at 3:00 p.m. local time in Oklahoma City, Oklahoma. Stockholders are encouraged to vote their shares online or by returning a completed proxy card. The meeting agenda includes a discussion and vote on the election of directors. The Proxy Statement and the Company's 2023 Annual Report on Form 10-K are available online. Lawrence R. Francis, Secretary, can be contacted for special assistance at (405) 848-7551, Ext. 303.

Why It Matters

For investors and stakeholders tracking RESERVE PETROLEUM CO, this filing contains several important signals. This filing is a definitive proxy statement (DEF 14A), indicating the company is formally soliciting shareholder votes for its upcoming annual meeting. The meeting will cover the election of directors, a critical governance function that allows shareholders to influence the company's leadership and strategic direction.

Risk Assessment

Risk Level: low — RESERVE PETROLEUM CO shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting and does not contain significant financial or operational updates, suggesting low immediate risk.

Analyst Insight

Shareholders should review the proxy materials and vote on the election of directors to exercise their governance rights.

Key Numbers

• 2024 — Annual Meeting Year (2024 Annual Meeting of Stockholders)
• May 21, 2024 — Annual Meeting Date (2024 Annual Meeting of Stockholders)
• 3:00 p.m. — Annual Meeting Time (2024 Annual Meeting of Stockholders)

Key Players & Entities

• RESERVE PETROLEUM CO (company) — Registrant
• Kyle McLain (person) — Chairman of the Board
• Lawrence R. Francis (person) — Secretary
• Oklahoma City, Oklahoma (location) — Meeting location
• May 21, 2024 (date) — Annual Meeting date
• April 18, 2024 (date) — Filing date

FAQ

Industry Context

The Reserve Petroleum Company operates in the crude petroleum and natural gas industry, a sector subject to commodity price volatility and regulatory oversight.

Regulatory Implications

As a publicly traded company, Reserve Petroleum is subject to SEC regulations governing proxy solicitations and annual shareholder meetings.

What Investors Should Do

1. Review the proxy statement for details on director nominees and proposals.
2. Vote your shares by the deadline, either online or by returning the proxy card.
3. Contact the company secretary for any accessibility needs for the annual meeting.

Key Dates

• 2024-05-21: 2024 Annual Meeting of Stockholders — Vote on director elections and other business matters.
• 2024-04-18: Filing Date — Filing of the Definitive Proxy Statement (DEF 14A).

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC. (Indicates the company is formally soliciting shareholder votes for its annual meeting.)

Proxy Card

A document authorizing a designated person to vote shares on behalf of the shareholder. (Used by shareholders who cannot attend the annual meeting to ensure their vote is counted.)

Year-Over-Year Comparison

This filing is a DEF 14A for the 2024 annual meeting, following the company's 2023 Annual Report on Form 10-K.

Key Financial Figures

• $17,000 — n of proxies, which are estimated to be $17,000, none of which has been spent to date.
• $0.50 — f the Company's common stock, par value $0.50 per share, with each share entitled to
• $676,000 — laimant sought damages in the amount of $676,000 for actual/compensatory damages and uns
• $200,000 — liable to the Claimant in the amount of $200,000 plus interest and (ii) Leonard Securiti
• $5,400 — e jointly and severally responsible for $5,400 in fees related to the FINRA Dispute Re
• $526,430 — . The securities managed by LIA totaled $526,430 at December 31, 2023. In 2023, LIA earn
• $5,427 — December 31, 2023. In 2023, LIA earned $5,427 in broker commissions and fees and real
• $35,511 — d losses on the securities sold totaled $35,511. James L. Tyler, a director, performs
• $37,750 — During 2023, The Company paid Mr. Tyler $37,750 in fees. 5 SECURITY OWNERSHIP OF CER

Filing Documents

• rsrv-20240418.htm (DEF 14A) — 224KB
• rsrv-20240418_g1.jpg (GRAPHIC) — 3KB
• rsrv-20240418_g2.jpg (GRAPHIC) — 3KB
• rsrv-20240418_g3.jpg (GRAPHIC) — 6KB
• rsrv-20240418_g4.jpg (GRAPHIC) — 123KB
• rsrv-20240418_g5.jpg (GRAPHIC) — 101KB
• 0000083350-24-000007.txt (&nbsp;) — 1142KB
• rsrv-20240418.xsd (EX-101.SCH) — 2KB
• rsrv-20240418_lab.xml (EX-101.LAB) — 3KB
• rsrv-20240418_pre.xml (EX-101.PRE) — 2KB
• rsrv-20240418_htm.xml (XML) — 15KB

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 6 Information Relating to the Board of Directors and Committees 7

Executive Compensation

Executive Compensation 9 Code of Ethics for Senior Officers 11 Information Regarding Communications with Auditors 11 Proposal 2 – Ratification of the Selection of HoganTaylor LLP as the Company's Independent Registered Public Accountants for 2024 12 Additional Information 13 To be voted on at the Annual Meeting IMPORTANT VOTING INFORMATION If you are a beneficial owner whose shares are held of record by a broker, you must instruct the broker how to vote your shares. If you do not provide voting instructions, your shares will not be voted on any proposal on which the broker does not have discretionary authority to vote. This is called a "broker non-vote." In these cases, the broker can register your shares as being present at the Annual Meeting for purposes of determining the presence of a quorum but will not be able to vote on those matters for which specific authorization is required under the rules of the New York Stock Exchange ("NYSE"). If you are a beneficial owner whose shares are held of record by a broker, your broker has discretionary authority under NYSE rules to vote your shares for Proposal 2 (Ratification of the Selection of HoganTaylor LLP as the Company's Independent Registered Public Accountants for 2024), even if the broker does not receive voting instructions from you. However, your broker does not have discretionary authority to vote on Proposal 1 (Election of Directors) without instructions from you, in which case a broker non-vote will occur and your shares will not be voted on this proposal. Accordingly, it is particularly important that beneficial owners instruct their brokers how they wish to vote their shares . ii THE RESERVE PETROLEUM COMPANY 6801 Broadway Ext., Suite 300 Oklahoma City, Oklahoma 73116-9037 NOTICE OF 2024 ANNUAL MEETING OF STOCKHOLDERS To The Stockholders: The 2024 Annual Meeting of Stockholders of The Reserve Petroleum Company (the "Company") will be held on Tuesday, May 21, 2024, at 3:00 p.m. lo

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Security Ownership of Certain Beneficial Owners

Security Ownership of Certain Beneficial Owners The following table sets forth information regarding the only persons known by the Company to be beneficial owners of more than 5% of the Company's common stock as of April 11, 2024: Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percent of Class 1 Cameron R. McLain 12,748 8.23 805 Gleneagles Dr. Edmond, OK 73013-1807 Kyle L. McLain 12,382 7.99 2301 Steeplechase Rd. Edmond, OK 73034-5893 John Mason and Amy Marie McLain 9,734 6.28 700 12th St., Suite 210 Golden, CO 80401-1231 Mull Investments LLC 9,112 5.88 4200 Perimeter Center Dr., Suite 245 Oklahoma City, OK 73112-2322 The LEKALA Trust 12,199 7.88 1725 Sun Valley Ln. Edmond, OK 73034-6887 1 Calculations of percent of class are based on the number of shares of common stock outstanding as of April 11, 2024, excluding shares held by or for the Company.

Security Ownership of Management

Security Ownership of Management The following table provides information regarding the beneficial ownership of the Company's common stock by each Named Executive Officer listed in the 2023 Summary Compensation Table on page 10 and each of our directors, as well as the number of shares beneficially owned by all our directors and executive officers as a group as of April 11, 2024. As of April 11, 2024, there were 154,906 shares of our common stock outstanding. 6 Unless otherwise indicated by footnote, individuals have sole voting and investment (dispositive) power. Other than in the case of Mr. Savage, as footnoted, none of the shares are pledged as security. Name Title of Class Amount and Nature of Beneficial Ownership Percent of Class Cameron R. McLain Common 12,748 8.23 Kyle L. McLain Common 12,382 7.99 Lawrence R. Francis Common — — Eddy R. Ditzler Common — — Doug S. Fuller Common — — Marvin E. Harris, Jr. Common — — Robert L. Savage Common 1970 1 1.27 William M. (Bill) Smith Common — — James L. Tyler Common — — All Directors and Executive Officers as a Group (9 persons) 27,100 17.49 1 Mr. Savage has pledged 1,269 shares as security. INFORMATION RELATING TO THE BOARD OF DIRECTORS AND COMMITTE

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View this DEF 14A filing on SEC EDGAR